" is an operator in the social economy whose main objective is to have a social impact rather than make a profit for their owners or shareholders. It operates by providing goods and services for the market in an entrepreneurial and innovative fashion and uses its profits primarily to achieve social objectives. It is managed in an open and responsible manner and, in particular, involves employees, consumers and stakeholders affected by its commercial activities."
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We prepared for you the core terms used in social entrepreneurship.
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Social entrepreneurship is a so-called hybrid business model, because it combines the principles of classical profit-oriented business and the principle of social benefit, which is mostly associated with non-profit activities. It has a long history in Western European countries. The social economy sector, in which social entrepreneurship takes place, creates up to 10% of GDP and 10% of all jobs in some national economies.
Social innovation represents new and better solutions than available alternatives. Thus, more efficient, effective, sustainable or fairer, which meet urgent social or societal needs, while creating new social relationships or cooperation. These can be process innovations, products innovations, innovations in organizational structure and many others. It is important that social innovation always include a socially beneficial element.
Social impact indicates a systematic improvement or solution of a social problem that can be monitored or measured. Social impact can be further described as fulfilling public interest or community interest.
The definition of social business varies within Europe. Many countries do not even recognize the social businesses as special type of businesses.
In Slovakia a social business can be founded under any type of legally established company or non-profit organisation. The emphasis is on achieving positive social impact by using more than 50% of own profit to achieve the social goal or involving disadvantaged people. These conditions are covered by the act on Social economy No. 112/2018, however, there are many other non-registered socia businesses aiming at positive social impact.
- Organisation supporting social entrepreneurship
A social entrepreneur is a businessman/woman for whom is the entrepreneurship only a mean to fulfill his/her social goal. Similarly to the traditional entrepreneurs, social entrepreneurs strive to make a profit. However, the difference is in how they handle it. Social entrepreneurs reinvest the generated profit back into their activities in order to create social benefits and contribute to positive social change.
The word "social" often recalls meanings such as help to the weaker or marginalized people. However, the actual meaning goes beyond: wider interpretation of the word "social" stems from the word "society" therefore, recalling socially beneficial solutions and activities.
Impact investing provides capital to solve social and environmental problems. It is an investment in companies, organizations and funds with the intention of creating a measurable positive social or environmental impact while ensuring a return on investment.